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Maine Governor Janet Mills along with House and Senate leaders are championing major legislation to strengthen the ability of local communities, homeowners, businesses, and emergency responders to prepare for and withstand future severe storms. The b...
Posted: Jan 09, 2025
The destructive wildfires engulfing Los Angeles continue to burn and with containment efforts currently yielding little success, analysts at J.P. Morgan have doubled their preliminary insured loss estimate for the event to $20 billion or more, whi...
Posted: Jan 09, 2025
Insurance Business Magazine - US
Posted: Jan 09, 2025
Insurance Business Magazine - US
Posted: Jan 09, 2025
Large, global insurance carrier American International Group, Inc. (AIG) has promoted Christopher Flatt to the role of Global Chief Underwriting Officer (CUO), succeeding Christopher Schaper, who was named Chief Risk Officer back in November 2024....
Posted: Jan 09, 2025
The commercial property market is showing signs of stabilization, and buyers with favorable risk profiles will see rate decreases or low-single-digit increases this year, according to USI Insurance Services’ 2025 Commercial Property & Casua...
Posted: Jan 09, 2025
Aspen Insurance Holdings Limited has announced the appointment of Michelle Dudek as Head of US Environmental for Aspen Insurance, effective January 6, 2025. Dudek will be based in Jersey City, New Jersey, where she will lead Aspen’s US Environment...
Posted: Jan 09, 2025
The Lloyd’s Market Association (LMA) has announced its strategic priorities for 2025, aiming to ensure that Lloyd’s, a market for commercial and specialty insurance, maintains its global position. Lloyd’s operates as a hub for insurance syndicates...
Posted: Jan 09, 2025
Pennsylvania Lumbermens Mutual Insurance Company (PLM), headquartered in Philadelphia, named Steve Firko as executive vice president and chief operating officer overseeing all front-line customer-focused operating departments, including underwriting,...
Posted: Jan 09, 2025
Africa Specialty Risks (ASR), a re/insurance group specialising in Africa and the Middle East, has announced the launch of the first Lloyd’s Consortium focused exclusively on Africa. Named Baobab, the Consortium will offer up to USD $21 million in...
Posted: Jan 09, 2025
The Lightsmith Group, a global sustainable private equity firm with a direct focus on resilience to climate change, has led a $20 million Series C investment round in Parsyl, the AI-powered insurer of complex supply chain risks. According to the a...
Posted: Jan 09, 2025
According to reinsurance giant Munich Re, natural disasters resulted in an industry loss of $140 billion in 2024, up from 2023’s $106 billion, with insured losses notably higher than the inflation-adjusted averages of the past 10 and 30 year...
Posted: Jan 09, 2025
QBE, a global insurance and reinsurance group headquartered in Australia, has successfully closed a new catastrophe bond through its special purpose insurer, Bridge Street Re Ltd. As Reinsurance News understands, QBE’s two new Bermuda Class...
Posted: Jan 09, 2025
Canopius, a global specialty insurer and reinsurer, has announced the appointment of Laura Burke as US Head of Cyber and Technology. Burke’s appointment reflects the company’s focus on expanding its presence in the US cyber insurance market and it...
Posted: Jan 09, 2025
Swiss Re, a global reinsurance company, forecasts a slowdown in US property and casualty (P&C) insurance premium growth, balanced by easing claims pressures as US Consumer Price Index (CPI) inflation is projected to average 2.5% in 2025 and 2....
Posted: Jan 09, 2025
Premiums for policies covering new energy vehicles in China have soared to $13.8 billion—a six-fold jump from the level recorded five years earlier, AM Best said in a special report. According to the report, “China’s New Energy Vehicle Bo...
Posted: Jan 09, 2025
As wildfires continue to grow across Los Angeles County and firefighters struggle to contain the flames, equity analysts have started to comment on potential insurance industry losses, forecasting losses of between $6 billion and $13 billion, whil...
Posted: Jan 09, 2025
Global specialty insurance and reinsurance broker McGill and Partners, in collaboration with Lloyd’s Lab Insurtech FortuneGuard, has launched a war risk reinsurance facility for commercial property in Ukraine. According to McGill and Partners, thi...
Posted: Jan 09, 2025
Bermuda-based re/insurer Everest Group has announced that Jim Williamson, Executive Vice President and Group Chief Operating Officer, has been appointed Acting CEO and joined its Board of Directors with immediate effect, following the departure of...
Posted: Jan 09, 2025
Broker McGill and Partners has launched a commercial property war risk reinsurance program for Ukraine, which it said on Thursday was the first of its kind since Russia’s invasion of the country in Feb 2022. Companies in Ukraine have found R...
Posted: Jan 09, 2025
Mercury Insurance has announced that it will begin writing new homeowners insurance policies in Paradise, California, becoming the first major insurer to return to the area since the devastating Camp Fire in November 2018. The Camp Wildfire became...
Posted: Jan 09, 2025
Alera Group, an independent national insurance and financial services firm, recently announced the appointment of Gary Piantedosi as president. Piantedosi, who has served as the managing director for Alera Group’s Northeast region since 2022...
Posted: Jan 09, 2025
Canopius, headquartered in Chicago, appointed Laura Burke as U.S. head of cyber and technology. Burke assumes the role after serving as the company’s executive vice president, cyber and technology, since joining Canopius in 2020. Burke brings m...
Posted: Jan 09, 2025
Annette Rippert will join The Hartford’s Board of Directors, starting February 18, 2025, and will contribute to the Finance, Investment, and Risk Management Committee. “Annette’s visionary leadership in technology, data and artificial intell...
Posted: Jan 09, 2025
There is a risk crisis affecting the insurance industry. Hurricanes Helene and Milton left a trail of tens of billions of dollars of destruction across the southeastern United States. These latest storms have shown that no region is safe from …
Posted: Jan 09, 2025
Old Republic International Corporation has announced the formation of a new underwriting subsidiary, Old Republic Cyber, Inc., which will offer cyber and technology errors and omissions (E&O) insurance products. The new company will be led by...
Posted: Jan 09, 2025
A residual property insurer and regulators in two Southeastern states are emphasizing roof integrity, more signs that mitigation and prevention are increasingly recognized as ways to reduce insured losses as storms escalate in frequency and severity....
Posted: Jan 09, 2025
California businesses are suing to halt a new state law that bars them from requiring employees to attend anti-union meetings at work. The state’s Chamber of Commerce and California Restaurant Association filed the suit in federal court on New...
Posted: Jan 09, 2025
The last time a president was inaugurated, there was a global pandemic and a violent siege at the very spot at the U.S. Capitol where the ceremony takes place. This time, the event was part of an unprecedented string of …
Posted: Jan 09, 2025
Hub International Ltd. has acquired the assets of Woods Insurance Services Inc. in Farmington, New Mexico. Lyle Love, owner and president, and the Woods Insurance Services team, will join Hub Southwest. Woods Insurance Services will be referred to as...
Posted: Jan 09, 2025
Davies, a professional services and technology specialist, has promoted Matt Button to Deputy Group Chief Executive Officer (CEO), effective January 1st, 2025, reporting directly to Group CEO Dan Saulter. In his new role, Button is responsible for...
Posted: Jan 09, 2025
The former U.S. Marine acquitted last month of criminal charges in the death of a man on a New York City subway train is seeking to dismiss a lawsuit brought by the victim’s father. Daniel Penny’ s lawyer, in a …
Posted: Jan 09, 2025
Oregon homeowners living in certain areas at high risk of wildfire will face stricter building codes and mandates to reduce vegetation on their properties under new “wildfire hazard maps” unveiled Tuesday. The release of the maps follows...
Posted: Jan 09, 2025
This post is part of a series sponsored by Darkhorse Insurance. How can you, as an insurance agent, stay motivated in the dynamic industry? In the fast-paced world of insurance, your motivation is not merely a personal preference – it’s …
Posted: Jan 09, 2025
This post is part of a series sponsored by EZLynx. Management systems can make or break a new agency. In the best cases, an agency management system (AMS) can be the behind-the-scenes mastermind keeping everything running smoothly – like that …
Posted: Jan 08, 2025
Insurance Information Institute
For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, [email protected] SAN DIEGO, Jan. 9, 2025—California property insurers are acting as financial first responders to help their impacted customers recover from the wildfires devas...
Posted: Jan 08, 2025
The Underwriting Ease solution is a state-of-the-art digital tool that summarizes key aspects of risks to underwriters, accelerating decisioning beyond automation.
Posted: Jan 08, 2025
Over 30 of the top 100 insurance brokerages and many carriers, underwriters, MGAs, and brokers have adopted the technology of the company formerly known as Loss Scan.
Posted: Jan 08, 2025
InsurPac, the Big “I” political action committee (PAC) and one of the largest small business PACs in the country, raised $1,291,724 during the 2024 calendar year.
Posted: Jan 08, 2025
Juan C. Andrade is USAA’s new president and chief executive officer, said the insurance provider to millions of active military, veterans, and their families. Andrade will assume the role on April 2 and take over for Wayne Peacock, who announce...
Posted: Jan 08, 2025
The Meteoric Rise in U.S. Auto Insurance Rates is Being Subsidized by Collector Car Owners According to Classic & Collector Insurer OpenRoad Standard auto insurers continue their efforts to recover from the unprecedented losses they experienced d...
Posted: Jan 08, 2025
Managing general underwriter Private Client Select Insurance Services, majority owned by Stone Point Capital and American International Group (AIG), said Ross Bowie has been appointed chief executive officer, effective immediately. Bowie joined Priva...
Posted: Jan 08, 2025
Posted: Jan 08, 2025